Oct/Nov 2019 blog

“ Many Australians would be familiar with the ‘Big Four’ banks and their focus on generating big profits to keep their shareholders happy but what some Australians may not know is that there is an alternative – customer owned banking who put the customer first not the shareholder.
Customer owned banking, WECU, is owned by its customer/members who become part owners and also have a say in how the business is run. As an owner WECU Members also benefit when profits are made with 100% of profits going back into competitive interest rates, low fees and the highest level of personal service.

Investor owned banks maximize profits to pay dividends to shareholders and this creates tension between customers of the business and its shareholder owners. This tension does not exist with customer owned banking institutions like WECU. At all times the Member comes first and remains the focus.

Finally the same regulatory standards with government deposit protection exists with both Mutual Banks (WECU) and Investor Banks.”

Regards,
Steve